Patterson Company reported net income for the current year of $666,000. During the year, the company's accounts receivable increased by $50,000, inventory decreased by $23,000, accounts payable decreased by $55,000, and accrued expenses payable increased by $14,000. Determine the amount of cash provided by or used for operating activities by the indirect method.

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter21: The Statement Of Cash Flows
Section: Chapter Questions
Problem 5RE: In the current year, Harrisburg Corporation had net income of 35,000, a 9,000 decrease in accounts...
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Patterson Company reported net income for the current year of $666,000. During the year, the company's accounts receivable increased by $50,000, inventory decreased by $23,000, accounts payable decreased by $55,000, and accrued expenses payable increased by $14,000. Determine the amount of cash provided by or used for operating activities by the indirect method.

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